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FHA 203(k) Loan
If you seek to purchase a residential home, and it needs to be renovated, an FHA 203(K) home loan could work for you. Also, if the home that you have found and want to purchase needs repair work done, you might be able to get the funds required via a loan supported by the Federal Housing Administration’s loan program. The loan that you would specifically apply for in this case is the 203(K) home loan. Whether you are in Martinsburg, Shepherdstown, or Hedgesville, WV, a loan of this type could help you to refurbish your home and create the home of your dreams.
What is an FHA 203(K) Loan?
Houses known as “fixer-uppers” seem to be more popular than ever. Once you understand how much remodeling such a home costs, you may feel daunted. Even if you wish to proceed, you could find it difficult to get a loan for such a home, since many lenders might deem the home uninhabitable.
An FHA 203(K) is supported by the federal government. Its purpose is to enable home buyers to purchase homes that require much repair work. It also enables a person to buy an older home.
If you have found a home that needs an entirely new living room or kitchen, such a loan would provide the funds to purchase the home (or to refinance it as necessary). It would also allow you to get the remodeling done that the home requires.
Repairs That Qualify for the FHA 203 (K) Program
The renovation work needed must fall under certain categories. Some of the qualifying repairs include putting in a new garage, doing some landscaping on the property, and repair work on the structure of the home. Other eligible repairs might include adding decks and patios or improving the ones that already exist. Remodeling the kitchen and bathrooms may also be the purpose of getting this type of loan. If you need to install or repair the flooring, plumbing, or HVAC system in your new home, you could qualify for this kind of loan. When you secure this sort of home improvement loan, you might also add siding or even an addition to your home.
Identifying Eligible Property
Not all kinds of property will qualify you to obtain such a loan. You could qualify if you own a property that fits from one to four families. If the home you own or plan to buy was demolished, but enough of the foundation was left, you may be eligible for one of these home loans. Another qualifying factor would be if you plan to relocate your home from one spot to a different one. While some condos are considered to be eligible properties for these loans, co-ops are not.
Getting an FHA 203 (K) Loan
You may be eligible for an FHA 203 (K) loan. If you believe that you qualify, do not hesitate to contact Homespire Mortgage. We are delighted to serve the residents of Martinsburg, WV, as well as the surrounding areas, such as Falling Waters, Charles Town, Shepherdstown, and Hedgesville.
Contact us today with all your mortgage and refinancing needs!
FHA 203(k) Loan
If you seek to purchase a residential home, and it needs to be renovated, an FHA 203(K) home loan could work for you. Also, if the home that you have found and want to purchase needs repair work done, you might be able to get the funds required via a loan supported by the Federal Housing Administration’s loan program. The loan that you would specifically apply for in this case is the 203(K) home loan. Whether you are in Martinsburg, Shepherdstown, or Hedgesville, WV, a loan of this type could help you to refurbish your home and create the home of your dreams.
What is an FHA 203(K) Loan?
Houses known as “fixer-uppers” seem to be more popular than ever. Once you understand how much remodeling such a home costs, you may feel daunted. Even if you wish to proceed, you could find it difficult to get a loan for such a home, since many lenders might deem the home uninhabitable.
An FHA 203(K) is supported by the federal government. Its purpose is to enable home buyers to purchase homes that require much repair work. It also enables a person to buy an older home.
If you have found a home that needs an entirely new living room or kitchen, such a loan would provide the funds to purchase the home (or to refinance it as necessary). It would also allow you to get the remodeling done that the home requires.
Repairs That Qualify for the FHA 203 (K) Program
The renovation work needed must fall under certain categories. Some of the qualifying repairs include putting in a new garage, doing some landscaping on the property, and repair work on the structure of the home. Other eligible repairs might include adding decks and patios or improving the ones that already exist. Remodeling the kitchen and bathrooms may also be the purpose of getting this type of loan. If you need to install or repair the flooring, plumbing, or HVAC system in your new home, you could qualify for this kind of loan. When you secure this sort of home improvement loan, you might also add siding or even an addition to your home.
Identifying Eligible Property
Not all kinds of property will qualify you to obtain such a loan. You could qualify if you own a property that fits from one to four families. If the home you own or plan to buy was demolished, but enough of the foundation was left, you may be eligible for one of these home loans. Another qualifying factor would be if you plan to relocate your home from one spot to a different one. While some condos are considered to be eligible properties for these loans, co-ops are not.
Getting an FHA 203 (K) Loan
You may be eligible for an FHA 203 (K) loan. If you believe that you qualify, do not hesitate to contact Homespire Mortgage. We are delighted to serve the residents of Martinsburg, WV, as well as the surrounding areas, such as Falling Waters, Charles Town, Shepherdstown, and Hedgesville.
Contact us today with all your mortgage and refinancing needs!